IRAQ’S FUNDING FACILITY FOR ECONOMIC REFORM
PROVINCES
Nationwide
LIFE OF ACTIVITY
Sept 2016 – June 2024
USAID FUNDING
$19.8 million
IMPLEMENTING PARTNER
UNDP
OVERVIEW
Iraq’s oil-based economy makes the country vulnerable to global market fluctuations and is economically and environmentally unsustainable. Parastatal institutions dominate the Iraqi market, and the innovative, flexible, and productive private sector is small, with limited influence. Strengthening the private sector and diversifying the economy are crucial steps toward Iraq’s long-term stability and response to climate change.
GOALS
The USAID-supported Funding Facility for Economic Reform (FFER) supports the Government of Iraq (GOI) and the Kurdistan Regional Government (KRG) to advance reforms to diversify the economy and promote green alternatives for energy production. FFER supports line ministries and departments to develop financial policies, socioeconomic planning, and data management that increase employment for women, youth, and marginalized groups.
IMPACT
- Ministry of Labor and Social Affairs’ SME Fund increased to one trillion dinars ($750 million).
- Central Bank of Iraq increased its MSME loan fund to 2 trillion dinars ($1.5 billion).
- Five agriculture and service sector projects designed for IKR private sector.
- National strategy and plan developed for water, greenhouse gas, and renewable energy.
- Digitization decreased processing time for pension applications in IKR by 40%.
- The Ministry of Agriculture and Water Resources introduced drought-resistant wheat and barley seeds.
